Summary: Russian Railways (JSC) Dec 11

FEATURED COMPANIES

AbstractThe rating on Russian Railways (RZD) reflects Standard & Poor's Ratings Services' opinion that the likelihood of timely and sufficient extraordinary government support from the Russian Federation (foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2) is "extremely high." We assess RZD's stand-alone credit profile (SACP) at 'bb+', based on our view of RZD's "satisfactory" business risk profile and a "significant" financial risk profile. We consider RZD as a government-related entity (GRE). In accordance with our criteria for GREs, our view of the "extremely high" likelihood of extraordinary support is based on our assessment of RZD's: "Critical" role for the Russian government, due to its strategic, socioeconomic, and political importance as the leading provider of passenger rail services, and the rail network owner,...

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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